Monday, September 6, 2021

The Impending Collapse Of Social Security - 2021 Update

Before we get to today’s insanity, please consider the following proposition: as many of you know, the withdrawal from Afghanistan has been a historic and fatal endeavor. But the failure did not start just in the past few weeks, it has been a twenty year disaster. It has cost American taxpayers about a trillion dollars, has left thousands of our brave armed forces folks dead, maimed, or wounded and has resulted in an unknown but substantial number of civilian deaths.

Afghanistan has been a collective failure of multiple Presidential administrations and multiple sessions of Congress. Thus, please consider signing the petition below that calls for the immediate resignation of every member of Congress that has at least twenty years of service and the resignation of President Biden, Vice President Harris, and critical, and failed, members of the Biden Administration. They do not deserve to serve any longer given their miserable twenty year track record of death, destruction and waste in Afghanistan.

Also, if you are passionate about this topic and effort, feel free to pass the link along to others who might also feel the same way, i.e. incompetence should not be rewarded:


Biden and others need to resign for dereliction of duty, incompetence and total lack of empathy. Nothing short of resignation is acceptable. Thank you.

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As we have often said, American politicians today rarely have the brain power, courage, or creativity to resolve the very big issues facing all Americans today. As a result of their ineptness, they end up working on stupid stuff that has a very limited, if any, value for many Americans.

Despite inflation, Afghanistan and the crisis on the southern border, Joe Biden recently took time out to have a photo op with the WNBA champions. In our previous post we reported how California politicians were working on how to replace a statue rather than fixing the major problems in the state. You get the idea, working on stuff that nobody cares about because they cannot fix what is really broken and important.

And probably nothing is more important to tens of millions of Americans than the future of the Social Security system. This is a critical component of retired Americans’ being and lifestyle so, naturally, it is important to so many people, more important than an WNBA photo op or a California statue.

And from almost the beginning of this blog, over ten years ago, we screamed about how bad the future financial outlook was for the system. Politicians for decades have abused the system, stealing wealth from it to finance other projects that have nothing to do with retirement and have left the system with tens of trillions of dollars with unfunded liabilities.

How badly has the political class managed the Social Security system? Consider an analysis from the Committee For A Responsible Federal Budget based on the latest annual assessment of the system by the Social Security Trustees:
















  • The Trustees’ report found that full promised benefits cannot now be guaranteed for current recipients and thus, can also not be guaranteed for future retirees.




  • One of the drivers of the nearer insolvency date is because the covid pandemic reduced Social Security tax revenue without reducing the benefits being paid out, leaving a wider gap between taxes to fund Social Security and the actual payouts promised.
  • Not only does the Social Security retirement program look to be going insolvent earlier than previously forecasted, the Social Security Disability program will also go bankrupt sooner, the new insolvency year now projected to be 2057 vs. 2065 in the previous year’s analysis.
  • The Committee For A Responsible Federal Budget concluded: “In their conclusion, the Trustees recommend that “lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them.” Doing so would “allow more generations to share in the needed revenue increases or reductions in scheduled benefits.” Quick action would also give lawmakers choices in making targeted adjustments, enhancing benefits for vulnerable populations, and achieving the added benefit of pro-growth reforms.”
The Washington political class has known that Social Security was on a road to bankruptcy for decades. And yet, they have done nothing to fix the problem, allowing it to get progressively worse over the years. And as we get closer and closer to using up all of the Treasury IOUs that the Social Security system holds, the tax increases and/or benefit reductions will get worse and worse and harder and harder to overcome.And yet, no one, anywhere in the Federal government is moving forward with a plan to fix what the politicians have broken and refuse to face the consequences of. Instead, we get bogus “infrastructure” bills that will waste trillions and trillions of dollars on garbage projects that do nothing to address the major problems facing the country today. The Social Security system needs $21 TRILLION via a combination of tax increases and benefit reductions, that is a lot of money.Unfortunately, given Washington politicians’ history of never fixing anything, a wise person today would be making alternative plans for their retirement years that do NOT depend on Social Security getting fixed any time soon.Note: In our book, ”Love My Country, Loathe My Government,” we put forth a three step plan for fixing Social Security, a plan that can be reviewed by purchasing our book at the link below. If we had put these step into action ten years ago when we proposed them, the system would be that much closer to being solvent and solid for America's retirees.
Our book, "Love My Country, Loathe My Government - Fifty First Steps To Restoring Our Freedom And Destroying The American Political Class" is now available at:

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